Receiving Wide Coverage ... No more suspense: President Trump is expected to nominate Federal Reserve Governor Jerome Powell to head the central bank, replacing Janet Yellen, whose term ends in February. The formal announcement is expected at 3 p.m. For reprint and licensing requests for this article, click here.

Receiving Wide Coverage ... Amex depressed: American Express’s second quarter profit plunged 33% compared to the year-ago period, largely due to increased competition from big banks and the loss of its 16-year exclusive relationship with Costco. Revenue was basically flat but expenses jumped 20%, mostly due to higher rewards expenses. Wall Street Journal, Financial Times, American Banker

Wall Street Journal We’re watching: The Office of the Comptroller of the Currency said it will be paying “close attention” over the next six months to the additional “strategic risks” banks may be taking on with new financial technologies. “Strategic risk is elevated, as banks make decisions to expand into new products or services, consider new delivery channels, or otherwise search for sustainable ways to generate returns,” acting comptroller Keith Noreika said Friday in the agency’s...